Introduction to Business

Only available on StudyMode
  • Download(s) : 98
  • Published : March 1, 2013
Open Document
Text Preview

INTRODUCTION TO BUSINESS
ASSIGNMENT

2/27/2013
SUBMITTED BY: THE RISING SUN
1ST SEMESTER, 1ST YEAR
DEPARTMENT OF MANAGEMENT STUDIES UNIVERSITY OF BARISAL

SUBMITTED TO: EASNIN ARA
LECTURER OF MANAGEMENT STUDIES
UNIVERSITY OF BARISAL

BUSINESS
Business come from the latin word “biznis”. Business means being busy at any work. When a man engaged in buying and selling products in order to earn profit.

Business refers to an economic activity in which people regularly engage in production and purchase of goods for sale or exchange of goods or supply of services to satisfy the needs of other people with an ultimate motive to earn profit. The regular production or purchase and sale goods under taken with an objective of earning profit and accquiring wealth through the satisfication of human wants refers as business.____Stephen Shons

Business is a combination of industry, trade and commerce and it’s helpful work in which people exchange their product in order to earn profit in a legal way.

BRANCHES OF BUSINESS
When a man buying or selling products with a view to earn profit, then it is called business.

Branches or scope of business:
Business has three branches. They are industry , trade and commerce. W can show it by drawing a diagram.

Branches of business
Branches of business
|
| |

Industry| | Trade| | Commerce| |

Genetic| Extractive| Manufacturing| Construction|

Home Trade| International/Foreign Trade|

Retail Trade| Whole sale Trade|

Import Export Enterpot
INDUSTRY: Industry means, all factories or companies or process involved in the manufacturing products.

GENETIC INDUSTRY: The word ‘genetic’ means parentage or hereditary. Genetic industries are concerned mainly with producing-breeding or multiplying of certain species of plants or animals with the object of earning profits from their sale. Eg. Nurseries, forestry, cattle breeding etc. EXTRACTIVE INDUSTRY: These industries are concerned with the extraction of materials from the earth, sea and air. It includes raising and collection of the natural products of the soil for the subsistence of human beings. Eg. Mining, fishing, hunting etc. MANUFACTURING INDUSTRY: They are concerned with the converting of the form of the raw materials and semi-manufactured goods into finished products. The process of manufacturing things changes the form of the articles extracted from earth, sea and air and makes it more useful to the consumer by adding new utilities to it. Eg. Textiles, enginerring, steel etc. CONSTRUCTION INDUSTRY: Construction industry is also an important industry. Construction of bridge, building, road, tunnel, over bridge, fly-over etc.

TRADE: Trade in fact is a branch of commerce itself. It is a final statement of a business activity involving sale purchase of goods. HOME TRADE: Home trade is also known as internal trade. It is conducted within the political and geographical boundaries of a country. It can be at local level, regional level or national level. RETAIL TRADE: It involves buying in smaller lots from the wholesalers and selling in very small quantities to the consumers for personal use. The retailer is the last link in the chain of distribution. He establishes a link between wholesalers and consumers.

WHOLESALE TRADE: It involves buying in large quantities from producers or manufactures and selling in lots to retailer for resale to consumers. The wholesaler is a link between manufacturer and retailer. EXTERNAL TRADE: External trade also called as foreign trade. It refers to buying and selling...
tracking img